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Wednesday, 12 March 2014

3 Millionth Worker Gets A Workplace Pension

Over 3 million workers have for the first time been given a workplace pension, according to figures from the Pensions Regulator. The 3 millionth worker is employed by West Ham United.

The new scheme, which Liberal Democrats in Government began rolling out in 2012, provides workers with a safe, private pension that their boss and the Government contribute to.

Welcoming this news, the Lib Dem Pensions Minister, Steve Webb, said:

"Before automatic enrolment, pension saving in this country was at its lowest ebb with too few people having the opportunity to save into a workplace pension. We have restored fairness by ensuring pensions are no longer the preserve of the few.

We have kicked off a savings revolution that will benefit millions in their retirement."

Liberal Democrats introduced this scheme, which will eventually see 9 million workers access a workplace pension, to address chronic under-saving with millions not putting aside enough for retirement, and only 1 in 3 private sector employees paying into a workplace pension.

So fare more than 10,000 employers of all types from charities to supermarkets, hospitals to football clubs have now automatically enrolled their workers.

Thousands of medium sized employers will follow them over the next 6 months.